Ethereum [ETH] Price Analysis: Failure To Find Support At This Level May Send ETH Crashing Towards $190

The Price of Ethereum is undergoing a major setback due to an ongoing BTC selloff. As the general crypto markets shared the brunt of the force, Ethereum crashed below a critical point of support at $200 and was trading around $199 as of May 22, 06:59 hours UTC.

As evident price decline sets in, Ethereum plunged below the critical support level at $200. At the moment, the ETH/USD trading pair is moving towards the $195 mark.

Currently trading at $198, the top cryptocurrency is displaying signs of a possible plunge below the resistance at $195. At this point, a move towards $190 is quickly forming.

Also read , Ethereum 2.0 to Launch in July, Says Vitalik Buterin. Is It a Comeback?

ETH 24-Hour Price Action And Market Capitalization

The price of Ethereum plunged by around $14 within the last 24 hours. This indicates about a 5% decline in price and market capitalization fell accordingly. This Price change may be the effect of Wednesday’s announcement of the movement of some early-minted BTC which caused a panic sell.

As of Friday, May 22, 06:24 hours UTC, the price of Ethereum is $199.88. However, about $13.41 billion of the volume was exchanged while maintaining about $22.19 billion of market capitalization.

These values bent towards a bearish bias amid a 5% negative market action since yesterday. Market capitalization now sits at $22.19 billion as price moves towards $190.

Ethereum (ETH) Technical Analysis

As ETH is still below $200, we can evaluate the market as bearish right now. The coin would still need to surge higher and smash above the resistance at $220 to turn bullish again.

A closing candle below $175 would put Etheruem in threat of twisting bearish in the short term.

If the buyers proceed to drive the price higher, the early point of resistance lies at $200. Above the $200 area, resistance is anticipated at $206 (1.414 Fib Extension), $218 (bearish .786 Fib Retracement), and $224 (1.618 FIb Extension).

eth price chart

Above this, expanded resistance point is located at $235 (bearish .886 Fib Retracement), $240, and $250.

On the downside, the initial level of support lies on the surging trend line. Below the trend line, support is found at the 100-days EMA at $180, $176 (.382 Fib Retracement), and $160 (.5 Fib Retracement).

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Dare Shonubi

Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development.

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